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Following a month-long trial, Lan was sentenced to death on Thursday along with numerous other defendants found guilty of participating in a real estate scam that drained over $12 billion from the Saigon Joint Stock Commercial Bank (SCB) through loans to shell companies.
The total value of assets tied to Van Thinh Phat (VTP) and its subsidiaries is estimated to range between $12 billion and $48 billion, as indicated by investigators and an estimate from market appraisal firm Hoang Quan. While VTP declined to comment on the matter, a representative for Lan's family suggested that the assets' value was around $30 billion, though precise ownership and status remain unclear due to ongoing investigations and their utilization as collateral for loans and bonds.
Among the notable assets associated with Van Thinh Phat and Truong My Lan's family, Times Square Saigon stands out. This impressive 39-floor building, situated in Ho Chi Minh City's commercial hub, features a prestigious six-star hotel, the Reverie Saigon, and served as collateral for a significant sum of loans from SCB.
Additionally, Sherwood Residence, a five-star hotel and serviced apartment complex located in the heart of Ho Chi Minh City, and Windsor Plaza Hotel, a prominent five-star hotel in District 5, are linked to the group. The former had been Lan's residence prior to her arrest.
Capital Place, a grade-A office building in Hanoi, has also been implicated, with reports indicating Lan's intention to sell it for $360 million, a move contested by creditors. Furthermore, IFC One Saigon, a planned 41-story building in District 1 of Ho Chi Minh City, was acquired by a Van Thinh Phat affiliate in 2021, with construction halted following Lan's arrest.
These assets, among others, underscore the scale and complexity of the financial fraud involving Van Thinh Phat and its affiliates. Foreign investors have reportedly shown interest in these prime properties, highlighting the broader implications of the case.
By fLEXI tEAM
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